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National Housing Market

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By Erika Ludvigsen

Home prices continue to increase modestly as home sales rise while inventory expands

Home sales rose in July from a year earlier as demand continued to support price growth despite an increase in homes on the market.

Home sales strengthen

About 347,000 homes were sold nationwide in July, up 2.9% year over year. Sales fell month over month, which is typical for this stage of the summer season, but activity remained higher than it was a year ago.

Home sales increased from a year ago despite higher mortgage rates and ongoing affordability challenges. Demand remained uneven across local markets, however. Minneapolis posted one of the strongest year-over-year increases in sales activity while Seattle recorded a notable decline, showing that buyer activity continued to vary widely from one market to another.

Homes for sale increase

There were about 1.42 million homes for sale nationwide in July, up 4.4% from a year earlier. Inventory also edged higher month over month, continuing the gradual rebuilding of supply that has taken place through much of the year.

More homes on the market are giving buyers additional choices and reducing some of the pressure that defined the market in recent years. Sellers, meanwhile, are facing more competition for attention. Local conditions remain highly uneven. Inventory increased sharply in some markets, including Washington, D.C., while Jacksonville continued to see a substantial decline in the number of homes for sale.

Sale prices rise over previous year

The national median sale price was $400,000 in July, up 2.6% year over year. Prices were unchanged from June, reflecting a market in which demand remained firm enough to support values even as supply continued to expand.

Price trends continued to differ across the country, highlighting the importance of local market conditions. Nationally, 617 of the more than 900 markets tracked by Homes.com showed price increases, with Chicago recording one of the strongest year-over-year gains among large markets at 6.5% year over year. Another 315 markets nationwide saw prices retreat, with Seattle’s 3.9% year-over-year decline the most severe among a handful of large markets.

Even as conditions varied across local markets, the national housing market continued to follow a gradual path toward normalization. Rising inventory helped keep price growth restrained, while home sales continued to run slightly above year-earlier levels. Across property types, single-family homes posted somewhat stronger price gains than townhomes. Condos also recorded modest appreciation, reinforcing the view that market conditions are becoming more balanced even as local outcomes continue to diverge.


Dashboard-style graphic showing U.S. key housing indicators, median sale prices, listings, home sales, days on market, months of supply, and sale-to-list price.
In July, the US median sale price was $400,000, while the inventory of homes for sale increased to 1,417,387, home sales totaled 347,071, days on market were 56, months of supply sat at 4.7, and the sale-to-list price ratio was 97%.


National Sale Prices

The U.S. median sale price was $400,000 in July, rising from $390,000 one year earlier. The $10,000 increase in the median price amounted to a 2.6% annual gain.

US sale prices increase to the highest level seen in recent years

National sale prices increased over the past year. The U.S. median sale price rose 2.6% year over year in July 2026, flat compared to June 2026, reflecting the highest national median home price seen in recent years.

Price growth of single-family homes outpaces other property types

National price trends varied by property type. Single-family homes posted a 2.5% annual growth, adding $10,100 over the past year. Condo median sale prices increased 2.3%, or $8,000. Townhome prices increased by 0.8%, or $3,000, as compared to July 2025.

Price trends are geographically dispersed

Price growth was led by Chicago (6.5%), Baltimore (6%), New York (5.1%), Pittsburgh (5.1%), and Detroit (5%). Similarly, price declines were geographically dispersed, including markets such as Seattle (3.9%), Raleigh (3.5%), and San Jose (3.3%).


Chart showing the U.S. median home sale price and annual price change compared to 3 and 5 years ago as of July 2026.
U.S. home prices reached $400,000, rising 2.6% year-over-year, compared with a 7.3% three-year increase, and a 40.4% five-year gain totaling $115,000.


Bar chart of monthly median home sale prices in the U.S. from 2018 to 2026 as of July 2026.
The national median home sale price was $400,000 in July.

Area chart of U.S. annual median home price percent changes from 2018 to 2026 as of July 2026.
The median home sale price increased by 2.6% in July compared to the same month in 2025.


Bar chart of annual median home price percent changes in each June from 2018 to 2026 as of July 2026.
U.S. home prices increased by 2.6% in July compared to the same month in 2025.


Horizontal bar chart of July 2026 prices across the 40 largest markets, ranging from $273,200 to $1.6 million, showing wide disparity.
The San Francisco median home price ranked first among the top 40 U.S. markets at $1,550,000 in July 2026. Pittsburgh ranked 40th, achieving a median sale price of $273,200. The U.S. median price of $400,000 ranked near the midpoint.


Bar chart ranking the 40 largest markets by median home sale price as of July 2026, highlighting wide regional performance differences.
Chicago led July 2026 price growth at 6.5%, while Seattle and Raleigh posted the largest declines, highlighting divergence across the top 40 markets.


Categorical chart showing share of top markets by price change, with most between 0% and 3%, indicating moderated growth.
Among the top 40 markets, 9 recorded a decrease in median sale price, 20 saw price growth of 0%-3%, and 11 saw increases above 3%.


Line chart showing the share of U.S. markets with rising prices and declining prices in July 2026.
Of the 932 markets tracked by Homes.com, 617, or 66.2%, reported higher prices in July 2026 than in the same month a year earlier.


U.S. map showing July 2026 state median price changes, with most states gaining 2% to 5% and only 12 exceeding 5%.
In July, 22 states saw price gains from 2% to 5%, while just 12 states exceeded 5% growth, reflecting moderate but widespread price increases.


Dashboard style chart of U.S. home prices and annual change by property type, showing annual percent change and nominal values for single-family homes, townhomes, and condos as of July 2026.
The median price of U.S. single-family homes increased by 2.5% to $410,000, while the median townhome price grew by just 0.8% to $362,000, and the median condo price grew by 2.3% to $350,000.

Two horizontal bar charts showing U.S. home sale prices and the annual percent change in sale prices by property type as of July 2026.
The median price of U.S. single-family homes grew by 2.5% to $410,000, while the median townhome price grew by 0.8%, and the median condo price grew by 2.3%.


National Inventory

Inventory reached more than 1.4 million listings in July. Inventory increased in 70% of U.S. markets, signaling widespread supply growth.

US housing inventory climbs as homes for sale rise 4.4% nationwide

U.S. homes for sale totaled 1,417,387 in July, up 4.4% year over year. The growth reflected a recovery from the low levels seen after the pandemic. As more sellers returned to the market, widespread inventory gains pointed to more balanced supply conditions nationwide.

Inventory expands across property types, with single-family homes leading the way

Inventory increased across all property types nationally. Single-family homes accounted for the largest share of inventory growth, adding 47,272 homes for sale year over year. Townhomes and condos also saw increases, adding 7,400 and 4,436 homes for sale, respectively.

Inventory growth is widely distributed across US markets

Inventory growth extended across most of the country. Among the 40 largest U.S. markets, the fastest-growing inventory markets include Nashville (19.3%), Baltimore (18.4%), Minneapolis (18.2%), and Seattle (16.5%). Inventory increased in 70% of the 932 markets tracked by Homes.com. Markets with the largest declines in homes available for purchase in July compared to a year ago were either in Florida (Jacksonville, Miami, and Tampa) or California (San Francisco and the Inland Empire).


Dashboard showing July 2026 U.S. listings above 1.4 million, up 4.4% year-over-year, with strong multi-year inventory recovery.
Homes for sale totaled more than 1.4 million, up 4.4% year over year and 42.7% more than three years ago, a period marked by post-pandemic inventory shortages.


Bar chart of monthly homes for sale from 2018 to 2026 as of July 2026.
U.S. inventory increased by 4.4% year over year in July to 1,417,387 homes for sale.


Area chart showing the annual percent change of homes for sale from 2018 to 2026 as of July 2026.
U.S. inventory of homes for sale increased by 59,108 in July compared to the same period of last year, for a 4.4% annual increase.


Bar chart of homes for sale annual percent change in June from 2018 to 2026 as of July 2026.
U.S. homes for sale increased by 4.4% year over year in July 2026, compared to an 9.3% annual increase in July 2025.


Horizontal bar chart of July 2026 homes for sale by market, led by Houston, Dallas-Fort Worth, and Atlanta with the highest inventory levels.
Houston led the country with 41,320 homes for sale in July, followed by Dallas-Fort Worth at 37,231, and Atlanta at 34,254.


Bar chart of July 2026 inventory change by market, ranging from 19.3% growth to a negative 17.9%, showing regional divergence.
Nashville posted the fastest inventory growth at 19.3% in July 2026, while San Francisco posted a 17.9% decline, highlighting wide variation across markets.


U.S. map showing active listings growth ranges across top 40 housing markets, with most seeing moderate increases.
Nearly half of the top 40 markets (48%) posted inventory changes ranging from negative 4% to 12%, while an additional 28% posted gains of more than 12%, signaling a nationwide inventory expansion.
Line chart showing 70% of U.S. markets with rising inventory in July 2026, indicating broad-based supply increases.
The majority of the markets tracked by Homes.com (652 of 932, or 70%) recorded rising inventory in July compared to the same month a year ago.


Dashboard style chart of U.S. homes for sale and annual change by property type, showing annual percentage change and nominal values for single-family homes, townhomes, and condos as of July 2026.
Single-family homes drove inventory growth in July, accounting for 47,272 more homes for sale than in July 2025. Townhome listings grew by 7,400, and condo inventory increased by 4,436 compared to a year ago.


Two horizontal bar charts showing homes for sale and the annual percent change in homes for sale by property type as of July 2026.
Over the past year, single-family homes for sale increased by 4.4%. In comparison, townhome inventory increased by 7.9% and condo inventory rose by 2.3% over the same period.


National Home Sales

The U.S. recorded 347,071 sales in July, a 2.9% year-over-year increase, with 9,805 more closings than in July 2025.

Higher mortgage rates do not slow buyers as much as expected

Home sales grew slightly in July compared to a year ago, but the market held up better than many anticipated. More than 347,000 homes were sold nationwide, a 2.9% increase, even as mortgage rates remained elevated in May and June.

Home sales volume grows across all property types

Home sales volumes were mixed across property types. Single-family sales grew by 3.2%, or 8,901 homes. Townhome sales saw a year-over-year increase of just 0.3%, or 65 sales, and condo sales posted a year-over-year increase of 2.5%, or 839 sales. Single-family homes accounted for the most transactions (288,751 sales), followed by 34,558 condos, and 23,762 townhomes nationwide.

Home sales increase in more than half of the largest 40 markets nationwide

Home sales activity increased in 26 of the largest 40 U.S. markets. Sales volume increased significantly in cities such as San Francisco (12.1%), Minneapolis (10.1%), Boston (8%), and San Diego (7.3%). Meanwhile, markets that experienced the steepest declines include Seattle (8%), Raleigh (7.1%), Nashville (6.6%), and Dallas-Fort Worth (5.4%), highlighting the uneven demand across the country. Sales patterns reflected buyers carefully responding to pricing, supply, and financing conditions on a market-by-market basis.


Dashboard showing July 2026 U.S. home sales at 347,071, up 2.9% year over year. Home sales are up 10% compared to 3 years ago and down 28.7% from 5 years ago.
In July 2026, U.S. home sales totaled 347,071, rising 2.9% year over year. Home sales are up 10% compared to 3 years ago and down 28.7% from 5 years ago.


Bar chart of monthly home sales volume from 2018 to 2026 as of July 2026.
Home sales in the U.S. totaled 347,071 in July, 9,805 more than in July 2025.


Area chart showing the annual percentage change in U.S. home sales from 2018 to 2026, as of July 2026.
The number of homes sold in July was up 2.9% from the same month in 2025.


Bar chart of annual percent change in home sales in each June from 2018 to 2026, as of July 2026.
The 2.9% annual increase in the number of homes sold in July compares to a 0.5% decline in July 2025.


Horizontal bar chart of July 2026 home sales by market, with Chicago, Dallas, and Houston leading overall volume.
Chicago (9,903), Dallas–Fort Worth (7,965), and Houston (7,923) recorded the highest July sales volume among the top 40 largest markets.


Bar chart of July 2026 annual sales change by market, ranging from 12.1% gains to 8% declines.
Sales performance across the top 40 markets remained uneven. San Francisco recorded the largest gain of 12.1% in July 2026, while Seattle posted the sharpest decline of 8%, highlighting varied market performance.


U.S. map categorizing the top 40 housing markets by July home sales change, showing mixed regional outcomes.
In July 2026, 58% of the top 40 markets recorded sales changes between negative 1% and 5%, while only 20% saw gains above 5%.


Line chart showing 58.3% of U.S. markets with rising home sales in July 2026, indicating balanced growth and decline.
Sales increased in 58.3% of U.S. markets in July 2026 and declined in 41.7%.


Dashboard style chart of home sales volume and annual change by property type, showing annual percent change and nominal values for single-family homes, townhomes, and condos as of July 2026.
Nationwide, 288,751 single-family home sales closed in July, followed by 34,558 condo sales, and 23,762 townhome sales.
Grouped bar chart showing U.S. home sales volumes and annual percent change by property type.
Single-family home sales reached 288,751 in July 2026, up 3.2% year-over-year, while townhome sales increased just 0.3% and condo sales increased 2.5%.


For questions and commentary about this report:

Erika Ludvigsen, National Director of Residential Analytics at CoStar and Homes.com, based in Atlanta, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Erika Ludvigsen

National Director of Residential Analytics

Homes.com

eludvigsen@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all home sales are accounted for, they provide an early indication of home sale price appreciation, inventory changes, and sales volume during July 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Days on Market

The median number of days from initial listing to closing of properties whose closing occurred during the month. This data includes detached, attached, and condominium homes. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Months of Supply (MOS)

Months of Supply (MOS) is equal to active listings divided by homes sold in a given month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Sale to List Price Ratio

The sale-to-list price ratio is the ratio of the sale (closing) price to the original list price, whose closing occurred during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.

About Homes.com

Homes.com is the fastest-growing residential real estate marketplace and a leading destination for homebuyers, sellers, and real estate professionals. A brand of CoStar Group (NASDAQ: CSGP), Homes.com is redefining online real estate by putting agents and homeowners first through a more transparent, agent-friendly marketplace.

Unlike traditional real estate portals, Homes.com is built around a simple principle: Your Listing, Your Lead™. By connecting consumers directly with the listing agent, Homes.com helps agents win more listings, generate more leads and deliver greater value to their clients. Millions of buyers use Homes.com’s powerful search tools, rich property content, and AI-driven experiences to discover homes and connect with local real estate experts.

Backed by the largest marketing investment in residential real estate, Homes.com has invested $1.25 billion to build nationwide brand awareness, generating more than 100 billion impressions and establishing Homes.com as a household name among consumers. The platform continues to experience rapid growth, with 83 million average monthly unique visitors*, 125% year-over-year growth in organic search traffic, and more than 34,000 Member Agents joining in just two years.

Homes.com Membership gives agents exclusive marketing advantages and unmatched exposure to help grow their businesses. Based on an internal analysis of approximately 11,000 Member Agents, Members earned an average of $36,400 more in commission during their first year of membership, won 60% more listings, and received five times more leads than non-member agents**.

For more information, visit Homes.com.

*The Homes.com Network, which includes Homes.com, the Apartments Network, and the Land Network, averaged 83 million monthly unique visitors through July 2026, according to Google Analytics.

**Based on an internal analysis of approximately 11,000 Member Agents, which showed that Members earned an average of $36,400 more in commission during their first year of membership. This figure represents an average and is not a guarantee of future results. Individual results may vary based on market conditions, geographic location, agent activity, and other factors.

About CoStar Group

CoStar Group (NASDAQ: CSGP) is a global leader in commercial real estate information, analytics, online marketplaces, and 3D digital twin technology. Founded in 1986, CoStar Group is dedicated to digitizing the world’s real estate, empowering all people to discover properties, insights, and connections that improve their businesses and lives.

CoStar Group’s major brands include CoStar, a leading global provider of commercial real estate data, analytics, and news; LoopNet, the most trafficked commercial real estate marketplace; Apartments.com, the leading platform for apartment rentals; Homes.com, the fastest-growing residential real estate marketplace; and Domain, one of Australia’s leading property marketplaces. CoStar Group’s industry-leading brands also include Matterport, a leading spatial data company whose platform turns buildings into data to make every space more valuable and accessible; STR, a global leader in hospitality data and benchmarking; Ten-X, an online platform for commercial real estate auctions and negotiated bids; and OnTheMarket, a leading residential property portal in the United Kingdom.

CoStar Group’s websites attracted 118 million average monthly unique visitors in the second quarter of 2026, serving clients around the world. Headquartered in Arlington, Virginia, CoStar Group is committed to transforming the real estate industry through innovative technology and comprehensive market intelligence. From time to time, we plan to utilize our corporate website as a channel of distribution for material company information. For more information, visit CoStarGroup.com.

Matthew Blocher

CoStar Group

(202) 346-6775

mblocher@costar.com


Writer
Erika Ludvigsen

Erika Ludvigsen is the National Director of Residential Analytics for CoStar and Homes.com, where she delivers insight on the U.S. housing market by analyzing Homes.com’s residential datasets alongside broader economic and demographic trends. She brings deep expertise in new construction, having previously led the national market intelligence team at PulteGroup, and has held roles at BlackRock, Century Communities, and Elme Communities. With more than 15 years in real estate market analytics, she holds a finance degree from Georgetown University and regularly speaks on residential real estate at major industry events, including IMN’s Land/Homebuilding Capital Markets Forum and the International Builders’ Show (IBS). Her work has been featured in The Wall Street Journal and RISMedia.

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